BlueScope raises its China stakes

To cash in on China's growing building and construction sector, Australian steel producer BlueScope Steel has committed US$35m to build a new plant in Guangdong Province, raising its total China investment to US$400m. China used 3% of its total steel output in steel structure buildings in 2004, compared to 10% in developed countries. By 2010, China is expected to use 6% of its steel in such buildings.